AFTER THE HOUSE INSPECTION....WHAT ARE MY OPTIONS?

I often get asked this question, particularly from first time home buyers.  Understanding the process is something buyers need to know in advance, and I always take the time to ensure they fully understand the meaning of all the clauses contained in the Offer.

If you have a Home Inspector you would prefer to use, let your agent know.  If you don't know of one, ask your realtor to provide you with the names of 3-4 that he/she would reocmmend and select one from that list.  I always refer clients to Home Inspectors I know and trust and who I know will provide outstanding service to the Buyer, their client.   

I always educate them too on the primary purpose of the inspection, and that is to look for major structural defaults, cracks in the foundation, whether the shingles are in dire need or replacaing, whether the furnace is on it last leg, etc.  Small items like a leaky faucet or an outlet that doesn't work are not reasons to back out of a deal.

After the Offer is accepted, and the home inspection has been completed, then what?

Buyers have 4 options after the inspection has been completed.

1.  If the  Buyers feel there are too many items identified that need repairing and it would be too costly for them to address these issues, then they walk away, as it is their right to do so.  Both parties sign a Mutual Release and Buyer get their deposit money back, in full.

2.  The second option if theBuyer feels the remedies are agan, too costly and are unexpected, they can then submit an Amendment asking the Sellers for a reasonable price abatement to compensate them for the deficiencies the house inspector identified that require immediate repair.

3.  Their third option, and one which I don't normally recommend, is for the Buyer to request the Seller to remedy the deficiencies found.  This can lead to difficulties, as one person'e meaning of "workmanlike manner" does not necessarily have the same meaning as the others.  The work could be hastily done, and done incorrectly, causing the Buyer problems in the future.

4.  And the fourth option, is to be happy with the report and firm up the deal!!

Just remember, there is no such thing as a perfect home...all Home Inspections will reveal some small items that will need attention, now or in the future, but these are non issues that should not lead to your deciding to walk away from the home.  Your Inspector will point out what to monitor over the course of the next several years. He will provide you with a detailed report of his findings so you can refer to it in future.  If something needs to be repaired, he can he can usually provide you with a general idea of what the cost would be to repair it.

                                                                                                                                                                                                                                  

Streetsville Real Estate

Are you relocating or moving to Streetsville, Mississauga or the Greater Toronto Area and need a real estate agent? 

When you choose me to handle your Streetsville, Mississauga real estate needs, you choose a real estate professional who cares about you and your family, and who listens to your needs. I will work together with you, protecting your interests, to achieve your objectives.

I live and work in Streetsville and have a vested interst in property values here... and I service all of Mississauga and the GTA

Proud recipient of the Platinum award for outstanding serivce with a rating of 100% voted by my clients!!

A great experience starts with a great agent !

Helping You Make The Right Move since 1987. 

Call me at (905) 363-4622 or direct at (416) 717-6331. 

 www.gloriavalvasori.com